A direct sequel to the 1978 original, Halloween II is actually the first film in the franchise that I ever watched, although I saw the television edit shown on the SciFi Channel in the early 2000's (at least I think it was the Television Edit). Now, however, having seen the 1978 original and a few of the other sequels... well, it's better than most of the sequels (and the Rob Zombie reboot films), although since Halloween II was actually made by most of the original film's returning production crew and cast, it is also the closest to the original in tone and execution as well.
That being said, it does miss the mark a few times (in both edits), although I personally think that the most interesting thing about this sequel is actually the fact that it clearly is the only sequel with Michael Myers that intends for his death at the end to actually be his death. The guy burns to death after getting shot in the face on screen. Of course, this is also because John Carpenter was hoping that the Halloween franchise would become a sort of anthology series where each film told its own story. Following the backlash that Season of the Witch experienced, all future films in the franchise would feature Michael Myers and focus on his efforts to slaughter everyone who was related to him once a year on Halloween night.
As for the differences between the theatrical and television edits... well, honestly the film's story is mostly the same, and while the pacing of the television edit is clearly more slow and deliberate, this is a double edged sword. Some portions of the television edit are, well, kind of a slog, and yet others are far more suspenseful than the theatrical edit, with the lack of onscreen deaths in some areas letting the viewers use their imaginations. But again, some of the slower paced areas just come off as tedious to sit through. The theatrical cut is tighter in its pacing and gorier, but gorier isn't always better either.
Also... I'm going to be honest here, I've never cared for the whole Laurie Strode being Michael's sister plot twist. I'm glad that Halloween 2018 did away with that by making itself a direct sequel to the original, as it makes Michael Myers far more terrifying because his motives are more mysterious.
Also, the video transfer on the Blu-Ray is fantastic, and the audio sounds great. Tragically, this applies only to the theatrical version. The television edit is on the DVD and it is presented in a cropped full screen aspect ratio and mono sound. Bonus features are plentiful, including two audio commentaries, A retrospective documentary, trailers and TV spots, a collection of deleted and alternate scenes, and alternate ending, a location featurette, and the Halloween II film script on the DVD. All in all, it's a pretty great package.